FX.co ★ Forecast for USD/JPY on May 24, 2021

USD/JPY

Last Friday, the dollar gained 13 points against the yen. The same quiet growth continues to be present in today's Asian session. The price is trying to rise above the balance indicator line in order to test the strength of the first target level of 109.37. Exit above the level opens the second target at 109.97. The Marlin oscillator continues to reverse from the zero line, which keeps the growth scenario as priority. An unexpected price decline below 108.35 (for example, due to a fall in equity markets) opens a target along the price channel at 107.25.

The price is still below the balance indicator line and the Marlin oscillator has not yet entered the growing trend zone on the four-hour chart. The market probably needs to consolidate and choose a more sustainable solution. Today is not one for buying.